SRI. K. RAMACHANDRA, MEMBERORDER DELIVERED BY SMT. ASHA SHETTY, PRESIDENT.
1. The facts of the complaint in brief are as follows:
The Complainant claims to have deposited certain sum of money with Opposite Party No.1 Bank, the details of which are given in the schedule here below:
Suvarna Cash Certificate No. | Date of Deposit | Amount Deposited | Maturity Date | Maturity Value |
105 | 28.2.2002 | 10,000/- | 28.2.2007 | 20,000/- |
108 | 16.5.2002 | 10,000/- | 16.5.2007 | 20,000/- |
Immediately on the maturity of the above Cash Certificate, Complainant approached the Opposite Parties for withdrawal of the amount. At that time, the Opposite Parties told that, there is a shortage of funds in the Bank and requested to come after one month. Thereafter, so many times the Complainant met the Opposite Parties but every time, the Opposite Parties given assurance only and lastly Opposite Parties refused to pay the Fixed Deposit amount saying that there is no fund in the bank. The Opposite Parties have failed to repay the deposit amount with interest on the date of maturity or within a reasonable time thereafter in spite of repeated demands. He, therefore, contends that the Opposite Parties have committed deficiency in service and hence complaint filed by the Complainant under Section 12 of the Consumers Protection Act, 1986 (herein after referred to as “The Act”) seeking direction to the Opposite Parties to pay the matured amount of Rs.40,000/- under the two Suvarna Cash Certificates respectively, with further interest thereon at the rate of 14% p.a. from the date of maturity till the date of payment mentioned in the schedule plus compensation and cost.
2. Version notice served to the Opposite Parties. Opposite Parties appeared through their counsel but not filed any version nor contested the case.
3. On the basis of the complaint that the points arise for our consideration in this case are:
(iii) What order?
4. In the course of enquiry, Complainant – Sri.Jagannatha Kulal yane Janannatha Bangera filed affidavit reiterating what has been stated in the complaint and got marked Ex C1 to C3. Ex.C1 & C2 is True copy of the Suvarna Cash Certificate Nos.105 and 108 and Ex. C3 True copy of the Mahajar dated 10.8.2007. Opposite Parties appeared through their counsel but not filed any version nor contested the case. We have heard arguments, perused the pleadings, document and evidence placed on record by the Complainant and answer the points are as follows:
REASONS
5. Points No.(i) to (iii):
The fact that the deposits were made in the name of the Complainant, with the Opposite Party bank, as evidenced from the deposit certificates produced by the Complainant. Financial service is one of the services specifically mentioned in Clause (o) of Section 2(1) of the Act. It is a settled law that when a company/firm/Bank transacting non-banking financial business accepts deposits from the public, the person who has deposited money with such company/firm/Bank, hires the service of that Company/firm/Bank, which has accepted the deposits. We have, therefore, no hesitation to hold that service undertaken to be rendered by the Opposite Party is a service within the meaning of the Act and the Complainant is a consumer. The Ex.C1 and C2 produced by the Complainant in the case go to show that the deposits matured for repayment on the date mentioned therein, which date has already expired and the same is not denied by the Opposite Parties. The Opposite Party Bank has failed to repay the same on the date of maturity or within a reasonable time thereafter is a deficiency in service. In view of the aforesaid reasons we hold that, the Opposite Parties are jointly and severally liable to pay to the Complainant a sum of Rs.20,000/- being the maturity value under the Suvarna Cash Certificate No.105 with interest thereon at 9% p.a. from the date of maturity (i.e. 28.2.2007) till the date of payment and Rs.20,000/- being the maturity value under the Suvarna Cash Certificate No.108 with interest thereon at 9% p.a. from the date of maturity (i.e.16.5.2007) till the date of payment. In the present case, interest considered by this Forum itself is treated as compensation and therefore, separate amount for compensation is not awarded. We assess Rs.1,000/- as litigation expenses.
6. In the result, we pass the following:
O R D E R
The Complaint is allowed. The Opposite Parties are jointly and severally liable to pay to the Complainant a sum of Rs.20,000/- being the maturity value under the Suvarna Cash Certificate No.105 with interest thereon at 9% p.a. from the date of maturity (i.e. 28.2.2007) till the date of payment and Rs.20,000/- being the maturity value under the Suvarna Cash Certificate No.108 with interest thereon at 9% p.a. from the date of maturity (i.e.16.5.2007) till the date of payment and Rs.1,000/- as litigation expenses. Payment shall be made within 30 days from the date of this order.
The F.D.R., if any, deposited by the Complainant be returned fourth with by substituting the certified.
Copy of this order as per statutory requirements, be forward to the parties free of costs and file shall be consigned to record room.
(Dictated to the stenographer, typed by him, revised and pronounced in the open court on this the 15thday of February 2008).
PRESIDENT
(SMT. ASHA SHETTY)
MEMBER MEMBER
(SMT.SULOCHANA V.RAO) (SRI. K.RAMACHANDRA)
Dated: 15.02.2008
O R D E R
The Complaint is allowed. The Opposite Parties are jointly and severally liable to pay to the Complainant a sum of Rs.20,000/- being the maturity value under the Suvarna Cash Certificate No.105 with interest thereon at 9% p.a. from the date of maturity (i.e. 28.2.2007) till the date of payment and Rs.20,000/- being the maturity value under the Suvarna Cash Certificate No.108 with interest thereon at 9% p.a. from the date of maturity (i.e.16.5.2007) till the date of payment and Rs.1,000/- as litigation expenses. Payment shall be made within 30 days from the date of this order.
The F.D.R., if any, deposited by the Complainant be returned fourth with by substituting the certified.
Copy of this order as per statutory requirements, be forward to the parties free of costs and file shall be consigned to record room.
PRESIDENT
(SMT. ASHA SHETTY)
MEMBER MEMBER
(SMT.SULOCHANA V.RAO) (SRI. K.RAMACHANDRA)
